goldenBear88

Decent Profits on yesterday's Scalp opening

Short
TVC:GOLD   CFDs on Gold (US$ / OZ)
As stated on my yesterday's commentary:" Even though that Traders know me as an Medium-term Seller, I have to note that this is full Bullish domination and every dip should be bought (if #1,900.80 breaks however, it should be a call for #1,880.80 extension), above is a call for Bullish spike up." - #23 Hours ago (#28 July) - I have took Scalp opportunity and made decent Profits (#1,922.80 - #1,942.80 spread) on a fine Bull run, and now I expect a Short-term correction downwards. #1,962.80 is Resistance, if it rejects the Price-action, it could be a call for #1,935.80 test - which I will use in my own favor. Price-action fluctuation and aggressive volatility came as no surprise after today’s E.U. session opening which caused Stock markets to trade sideways and add unnecessary uncertainty on Gold which resulted as almost #40$ Hourly fluctuation. Hourly 4 chart turned Bearish but Daily chart stayed Neutral. I don’t think that Gold is ready for Bearish full scale reversal towards lower levels, but surely I cannot rule out wider decline soon. Price-action is Trading above the #MA50 on Hourly 1 chart, indication of indecision ahead. Also, today’s Bearish Hourly 1 candlestick pattern is an indication of increased tension and negativity. At the moment Investors are placing their capital on Gold , which is on hard Resistance levels. Gold prices are still on late August / early September #2011 consolidation levels and historical regression analysis shows that when Trading for long on those levels, aggressive Bearish direction comes. Besides this, nothing else supports the upwards argument since all Hourly charts are showing Bearish values but still Fundamental pressure is evident. As I said, prepare for huge Volatility /rally on Gold with Bullish / Bearish spikes all along. The price will come flat on E.U. session tomorrow (#92% chances), with volatility projected to start two Hourly 4 Bullish candles before U.S. opening. I will manage the risk carefully and wait another opportunity to add my new Scalping setup. Remember, what was an Support, becomes a Resistance when broken and same rule applies for Resistances (becoming Supports). I am fully Bearish on Gold’s Medium-term. My estimation even shows #1,780.80 possibility (Long-term) if #1,800.90 benchmark is broken. Weekly chart regressions show that Gold should continue Trading sideways for a few more weeks (aggressive Support and Resistance breaks). As long as #1,900.80 holds as an Support, Gold will spike up before the next Bearish leg, but if #1,900.80 breaks, it should be an aggressive decline towards #1,880’s where the strong Support is expected to be in #1 session’s time. The Gold spot has reached the August #16 - September #2011 High and so far is unable to break higher. Statistic is there to support my outlook - last ATH attempt (April-May #2006), Gold retraced more than #114$ afterwards, so it could be the case shortly.
My Telegram channel: https://t.me/goldenBear88

Professional market analyst and Financial consultant with over #8 Years experience. I specialize Gold market using specific proven mathematical models. I provide market insights and Professional guidance.

Comments

Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Private Messages Chat Sign Out